Sunday, Mar 15, 2009
Yet Another Misinformed Article
Housing Rescume Must be the Foundation of UK Recovery: Guardian
When will we STOP hearing how the property market must be rescued? When will people finally realise that it WAS the inflated property market that has put the UK on the brink of bankruptcy? When will the UK WAKE up to the fact that they cannot criticise the government for allowing irresponsible lending and then believe the government should force the banks back to irresponsible lending practices in order to STOP property prices falling back in line with incomes.
IS IT SUCH A STUPID IDEA THAT PROPERTY PRICES HAVE TO FALL IN LINE WITH INCOMES?
Surely the STUPID idea is that they don't have to, and that lenders can lend money they haven't got leading to 190% increase in prices in 10 years. Loan to income ratios have to now be followed and prices have to fall, the article speaks of 35%
3 Comments
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1. dohousescrashinthewoods said...
The very best quote of this crisis (I forget who said it, so I am paraphrasing):
"It is not that the market is now sick and needs medicine; the market was sick and is now getting better"
There is so much there, from public mis-perception to government meddling and from the howls of desperate VIs to economists who completely missed the point. I think it's a superb single-statement round-up of the entire situation.
Can anyone set the record straight on where this came from?
2. Confusedsaver said...
Unbelievable!
3. Jayk said...
Please stop SHOUTING and use that box to provide a precis of the article so the reader knows what it is really about instead of using it for your own self-indulgent rants.